Toggle Overlays shortcut?
I got it, you need to set up a hotkey manually, this is not accessible from the right-click menu:


Hit F4 to get to the Settings Menu and go to Keymap
Open 3D View > 3D View (Global)
Scroll to the bottom and hit the + Add New Button, to add a new Key-Binding
Enter wm.context_toggle in the Context Field
The Context Attribute Field will now appear. Set it to space_data.overlay.show_overlays
Don't forget to save your Hotkey Settings